The future of Moonah Bowl?

Tiger

Tiger

Active Member
Did anyone happen to catch this on Page 86 in the Mercury's Real Estate Guide from Friday 21st November 2008?

MOONAH BOWL - THE KINGPIN OF INVESTMENTS

NEW 10+5+5+5 YEAR LEASE - 162 Main Road, Moonah​

● Leased to Blue Chip Tenant.
● Commencing net rent $230,000 per annum.
● Annual rent increase 3.5%.
● Fantastic profile location.
● 65 metre frontage.
● Building area 1,919m² approx.
● Site area 5,741m² approx.
● Long term redevelopment options.
● Zoned "service business".

For sale by expressions of interest closing Tuesday 16th December @ 2:00pm.

LJH Commercial Hobart - Level 1, 174 Collins Street, Hobart, Tasmania 7000.
CBRE - CB Richard Ellis - Level 10, 650 Chapel Street, South Yarra, VIC.

This was pointed out to me today. I'm no expert in all of this so I'll leave it up to others to comment, but could we see the possible future closure of our iconic 46 year old bowling centre?
Could it end up like another Strike or Kingpin?
Seems as though Macquarie Bank want quick cash for it and I do fear we may lose the place in the end.

I really do hope my fears are groundless but you can never take anything for granted anymore.... :eek:
 
moonahsalexy9.jpg
 
The way I read it through a real estate guide was the building was for sale with the intention of keeping amf as the leasee to the building so the space was still occupied for a perspective buyer. Not sure how correct I am or aren't
 
Tiger said:
NEW 10+5+5+5 YEAR LEASE - 162 Main Road, Moonah[/CENTER]
Click to expand...

Hi Matt

This would mean that the property is being sold subject to the lease to AMF which is currently for 10 years with three five year options, i.e. means that it's safe for a total of 25 years if the options are exercised... so I wouldn't be stressing.
 
Yep, agree with KC .... however, leasing can always be 'bought out' if a buyer had another intention for the property and deemed it worthwhile and a cost effective exercise - eg: would need to come to an agreed compensation package for the tennant. This would no doubt be costly for the new owner, but may be deemed worthwhile if they had 'grander' plans in place.

Having said that, this could still happen now. So its only really a change of ownership - with the difference being it has obviously always been the current owners intention to retain AMF as its tennant and continue with the property as is. No one knows what a new owner may have planned for the space longterm.

All of the above seems unlikely however, assuming the numbers add up, a longterm tennant with a locked in rental increase should see the bowl safe for a lot of years with a bit of luck.
 
The same has happened over here with Rockingham Bowl.....the property has been sold but AMF leases it back.....one difference here though, it is going to close in a couple of years or so when they build the new one
 
I think there is more chance of me shooting a 301 game, than getting a new centre here.... UNLESS it's privately owned.

I mean, we can't even get a Kegel!
 
Yeah reading it it tells me they are selling the building with no intention to changing the leasee, they are actually building it up in a way. 10 years of rent at least with the option for 15 more, thats pretty good.
 
Thanks for the response.

One wonders who the new owners of the place will be and how much it will fetch and what exactly their intentions are.
You all could well be right and that AMF/MacQuarie will just lease it longterm, but I can also remember talk about five years back when I still worked in the place that Aurora Energy/Hydro were looking into buying the centre down the track, knocking it down and using it as an expanded storage and carparking facility as they'd somewhat outgrown their facility across the road.
Some bloke I knew from the football used to work for them back then and told me much the same thing - was an 'option' anyway - but the centre was revamped the following year and I've not heard any other talk in recent years about it.
The place is performing really well and has done for quite awhile now, mostly in social bowling, parties and through the bar - hopefully it stays that way and the leagues start to pick up as well, but the cynic in me never fully trusts anybody, I remember just how close we got to losing it back in 1998/99.
"Hello, I'm Steven Mallows - the honeymoon is now over!"
I wouldn't like to see too much of a longterm drop off...

Hopefully the place is maintained to a good standard under the new ownership and is not left to rot and fall apart like it was after 1992.
Of late, I've felt that the place has started to look a bit shabby and dirty again after all the good work that was done, or am I just being fussy? :confused:

Anyway, I'll guess we'll soon find out! Hopefully things will run smoothly and AMF/Mac Bank will just continue leasing into the future :)

androooo said:
I mean, we can't even get a Kegel!
Click to expand...
Wouldn't worry about the Kegel for the moment, have you seen the pins? :eek:
I had a good look at them first hand the other night, I think it's the same lot that were put in for the 2006 Nationals.
They look and sound in a worse condition than those old cracked plastic skittles I had in my loungeroom as a kid.
 
Tiger said:
.......Aurora Energy/Hydro were looking into buying the centre down the track, knocking it down and using it as an expanded storage and carparking facility as they'd somewhat outgrown their facility across the road......

I don't think that is an option now Matt as you may know that Aurora / Hydro have recently moved a large part of their operations, both office and stores to the new industrial complex at Cambridge.

No doubt other options for the site exist, but maybe that one is no longer on the list.
Click to expand...
 
Captain Fudge said:
I don't think that is an option now Matt as you may know that Aurora / Hydro have recently moved a large part of their operations, both office and stores to the new industrial complex at Cambridge.

No doubt other options for the site exist, but maybe that one is no longer on the list.
Click to expand...

Yes, remember it well John - and having to help fix up the 4th floor after they left our building to go down to Cambridge. ;)
I noticed tonight that the site across from the bowl was all up for sale too.
Maybe McBank had to sell the bowl to help pay for that lavish million dollar Christmas party they had, that was in the paper today... :p
 
Tiger said:
Maybe McBank had to sell the bowl to help pay for that lavish million dollar Christmas party they had, that was in the paper today... :p
Click to expand...

Sure makes our Christmas parties at PricewaterhouseCoopers look ordinary..

Hope they don't buy out the lease and close Moonah on you guys.
 
You must log in or register to reply here.
Back
Top Bottom